PZ Cussons Reports Huge Forex Loss Of N4.7bn
The Nigerian Stock Exchange (NSE) on Tuesday published the unaudited first-quarter (Q1) financial statements of PZ Cussons Nigeria Plc for the period ended August 31, 2016.
The company reported loss before taxation (LBT) of N2.431billion from N546.792million profit before tax (PBT) in the corresponding quarter of 2015; a decline of about 544.6percent.
Nigeria is PZ Cussons largest and most diverse single market, operating in Personal Care, Home Care, Food and Nutrition and Electricals.
The group operates in twenty-six depots across the federation with about three hundred major distributors. Customers of PZ Cussons Nigeria plc are initially brought on board on a cash basis for a period of six months.
At the expiration of the six months cash trading period, its customers are free to apply for credit; while management assesses customers credit applications based on volume of transactions.
PZ Cussons Nigeria plc according to the results at the NSE reported 12percent increase in revenue to N16.752billion from N14.953billion in Q1’2015.
Meanwhile, the company reported foreign exchange loss of N4.701billion, against FX gain of N14.968million, indicating a percentage decline of 31,507.18.
Cost of sales rose to N10.970billion from N10.842billion in the corresponding quarter, an increase of about 1.18percent; Gross Profit also rose to N5.782billion, from N4.110billion, indicating an increase of about 40.67percent.
The company reported loss after taxation stood at N1.585billion, from N427.851million in Q1’15; a decline of about 470.6percent.
With a market capitalisation of N82.188billion and share price of N20.70; PZ Cussons Nigeria plc shares outstanding stood at 3,970,477,045 units.
Earnings Per Share (EPS) is in negative at 40kobo, from positive EPS of 11kobo in Q1’15, a decline of 470.63percent. Total assets rose to N79.858billion from N74.430billion.